17 May 2010 16:50 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than $2/bbl on Monday to take Brent crude on the ICE futures exchange to below $76/bbl as a result of a firm US dollar, concerns over growing US inventories and a slowdown in economic recovery.
By 15:30 GMT, July Brent crude had hit a low of $75.52/bbl, which was a loss of $2.41 from the 14 May close of $77.93, before recovering to around $75.85.
At the same time, June NYMEX light sweet crude futures were trading around $69.90/bbl, having hit a low of $69.62, which was a loss of $1.99 from the previous close.
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